Singapore legislation
Regulation 11
of Central Provident Fund (Revised Retirement Sum Scheme) Regulations 1995
Regulation 11
Definitions and abbreviations for purposes of regulations 8A, 9, 10 and 10A
Subregulation 1
In regulations 8A, 9, 10 and 10A —
Definition
“applicable age”, in relation to a member, means —
60 years of age, in the case of a member who —
attains 55 years of age before 1 January 1999; or
is an applicable member; or
62 years of age, in the case of a member who attains 55 years of age on or after 1 January 1999 but before 1 July 2004;
Definition
“specified monthly payment”, in relation to a member, means an amount computed in accordance with the following formula:
where Xis the percentage of the retirement sum applicable to the member that has been set aside by the member (calculated in accordance with regulation 4(2) before 1 July 2014) in the member’s retirement account; andAis the retirement sum applicable to the member; or
if the member has applied to the Board, in such manner as the Board may require, for the payment to be computed in accordance with this formula, where B is the total amount of the member’s retirement sum that has been set aside (calculated in accordance with regulation 4(2) before 1 July 2014) or is covered by any charge or undertaking.
Subregulation 2
For the purposes of paragraph (b) of the definition of “applicable age” in paragraph (1), a member who is born on 29 February is deemed to attain 62 years of age on 28 February of the year in which the member attains that age, despite section 2(1A)(b) of the Act.